FNB Corp. of Asheboro, N.C., has agreed to buy a $151 million-asset bank in Graham, N.C., for $24.6 million in cash and stock.
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Alamance Bank, the sole bank subsidiary of United Financial Inc., has three branches. Acquiring the 7-year-old Alamance would bolster the $896 million-asset FNB in the I-40/I-85 corridor between Greensboro and Raleigh-Durham.
The deal is scheduled to close in the fourth quarter. FNB said the purchase price is 2.27 times United's book value. This is the first acquisition deal FNB has announced since buying Rowan Bancorp Inc. of China Grove, N.C., in August 2002.
